Estimate your take home pay and expenses

Want to know how much you could earn as a contractor? Of course you do! Simply enter a few details below and we’ll show you what you could walk away with if you choose either the umbrella route with us, or to set up a limited company with our sister firm ClearSky Contractor Accounting.

Umbrella calculation: 1. No Supervision, Direction or Control (SDC) on any assignment during the tax year. 2. Parasol’s margin is included in this calculation

Limited calculation: 1. Flat Rate Scheme for VAT with first year discount applied. 2. Assignments not subject to IR35. 3. Director’s wage of £8,632 per year. 4. Accountancy fees based on the Assure package from our sister company ClearSky Contractor Accounting 5. One owner/director involved in the company

Both calculations: 1. Based on you working 37.5 hours per week 2. Work 48 weeks per full tax year. 3. Business mileage calculated at 45p per mile for the first 10,000 miles per annum and at 25p per mile thereafter. 4. 19/20 tax and NIC rates. 5. Full employee personal tax allowance per year (tax code 1250L) 6. You have no earnings from other sources this tax year

Please enter your details below:

You are paid

Rate (£)

You will be paid

How we help to make the most of your take home pay and expenses

One of the benefits you'll enjoy as a contractor or freelancer is the opportunity to claim legitimate business expenses and costs.

When you submit an expenses claim with Parasol, we may be able to deduct them from our invoice (the money we receive from the agency) before tax and reimburse them back to you - enhancing your income.

Use our annual salary and hourly rate calculators

If you’re unsure of how much you should charge as your hourly rate as a contractor, our hourly rate calculator can help. Simply tell us how many hours you work and what your desired annual salary would be and our calculator will do the sums for you.

Already know your hourly rate? If you’ve already decided how much to charge as your hourly rate and want to find out how much this equates to each year, head over to our annual salary calculator to see what your yearly salary could be.